Progression Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06322180 (England and Wales)

Progression Properties Limited

Unaudited Financial Statements

For The Period

1 August 2017 to 31 December 2018

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

T D Murphy

J C Murphy

Mrs L Murphy

SECRETARY:

J C Murphy

REGISTERED OFFICE:

The Office

139 Falsgrave Road

Scarborough

North Yorkshire

YO12 5EY

REGISTERED NUMBER:

06322180 (England and Wales)

ACCOUNTANTS:

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

BANKERS:

Handelsbanken

2 Manor Court

Manor Garth

Eastfield

Scarborough

North Yorkshire

YO11 3TU

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Progression Properties Limited for the period ended 31 December 2018 which comprise the

Income Statement, Abridged Balance Sheet, Statement of Changes in Equity and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Progression Properties Limited, as a body, in accordance with the terms of our engagement letter dated 8 October 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Progression Properties Limited and state those matters that we have agreed to state to the Board of Directors of Progression Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Progression Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Progression Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Progression Properties Limited. You consider that Progression Properties Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Progression Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ingham & Co.

Chartered Accountants

George Stanley House

2 West Parade Road

Scarborough

North Yorkshire

YO12 5ED

18 December 2019

FIXED ASSETS

Tangible assets

4

24,945

506

Investments

5

100

45

Investment property

6

2,719,500

2,398,500

2,744,545

2,399,051

CURRENT ASSETS

Debtors

213,179

41,899

Cash at bank

11,202

28,353

224,381

70,252

CREDITORS

Amounts falling due within one year

896,737

1,151,832

NET CURRENT LIABILITIES

(672,356

)

(1,081,580

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,072,189

1,317,471

CREDITORS

Amounts falling due after more than one year

7

(1,594,072

)

(987,207

)

PROVISIONS FOR LIABILITIES

(47,857

)

(43,420

)

NET ASSETS

430,260

286,844

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

430,256

286,840

SHAREHOLDERS' FUNDS

430,260

286,844

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 December 2019 and were signed on its behalf by:

T D Murphy - Director

J C Murphy - Director

1.	STATUTORY INFORMATION

Progression Properties Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and Straight line over 3 years

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2017

4,832

Additions

30,909

At 31 December 2018

35,741

DEPRECIATION

At 1 August 2017

4,326

Charge for period

6,470

At 31 December 2018

10,796

NET BOOK VALUE

At 31 December 2018

24,945

At 31 July 2017

506

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

Additions

27,840

At 31 December 2018

27,840

DEPRECIATION

Charge for period

5,091

At 31 December 2018

5,091

NET BOOK VALUE

At 31 December 2018

22,749

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 August 2017

45

Additions

55

At 31 December 2018

100

NET BOOK VALUE

At 31 December 2018

100

At 31 July 2017

45

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2017

2,398,500

Additions

106,876

Revaluations

214,124

At 31 December 2018

2,719,500

NET BOOK VALUE

At 31 December 2018

2,719,500

At 31 July 2017

2,398,500

Fair value at 31 December 2018 is represented by:

£

Valuation in 2013

246,661

Valuation in 2015

128,000

Valuation in 2016

(24,271

)

Valuation in 2017

88,199

Valuation in 2018

213,624

Cost

2,067,287

2,719,500

If freehold investment properties had not been revalued they would have been included at the following historical

cost:

2018

2017

as restated

£

£

Cost

2,067,287

1,959,911

Freehold investment properties were valued on an open market basis on 31 December 2018 by the directors .

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2018

2017

as restated

£

£

Repayable otherwise than by instalments

Bank loans

1,324,310

-

8.	RELATED PARTY DISCLOSURES

During the period the company traded on normal commercial terms with, and loaned loaned money to its joint

venture company. At 31 December 2018, the company was owed £44,348 by the joint venture company, (31 July

2017 - £6,113 owed to the joint venture company). This loan is interest free and repayable on demand.